January 5, 2009

The Daily Bankruptcy News

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Law:

Global Corporate Profits to Drop in ’09; More Bankruptcies Loom
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Bankruptcy cases keep the lawyers busy in Delaware
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Continued Reaping Forecast For 2009
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General Growth switches bankruptcy counsel
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Top Litigation Boutiques of the Year
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Pay Freeze Watch: DLA Piper
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Bonus Watch: Kasowitz Matches Skadden! Sort Of!
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Unique Model, Unmatched Results
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Wachtell TARP Client Under Investigation
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$7.5 Million for Picking Up A Phone
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Happy 2009
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Senior lawyers question law firm business model
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Time for Plan B in 2009
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Bank lawyers face unhappy New Year
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Preoccupations: The Tightrope of Managing a Law Office
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Rates Might Hold, but Firms Can Discount in Other Ways
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McAfee Overbilling Suit Against WilmerHale Proceeds
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What Will Obama Administration Do With the U.S. Attorneys?
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Will More GCs Be Targeted for Investigation in 2009?
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Over and out
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New Year's Work Resolutions for Junior Associates
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Woman turns bankruptcy into cottage industry
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Pro Bono Gets New Look as Investment, Not Cost
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Credit Crunch Creates Opportunities in Russia
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Bankruptcy Lawyers Pay Musical Homage to the Bailout
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Judges:

For the Supreme Court, Tradition Is on Tap at Inaugural
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Judicial Conference certifies to House bankruptcy fraud basis for judge's impeachment
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Wall Street:

US Stock Futures Fluctuate
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Global Markets Move Higher
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Wall Street Braces for 2009's First Full Week
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Strategists See 17% S&P 500 Rise After Saying ‘Buy’
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Asian Stocks Rise an 8th Day
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U.S. Stocks: '09 Starts With Momentum
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End of Financial World as We Know It
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Wall Street hopes strong start is sign of better year
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Washington Is Key to Investors' Fate
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Were the measures used to evaluate Wall Street trades flawed? Or was the mistake ignoring them?
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25 Years of Conventional Wisdom, Down the Drain
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Manager Foresaw the Crisis -- but Didn't Avoid Big Losses
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Investors dump $89B in US securities in historic fire sale
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Retirement:

Plan B for retirees who counted on home equity
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Banking:

High Office Building Vacancies May Mean Trouble For Banks
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Flowers, Soros, Michael Dell Team to Buy IndyMac
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Synovus Financial raises loan loss forecast
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Bailing Out Some Banks But No Borrowers?
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UBS, Credit Suisse Advance After Selling $1.3 Billion of Assets
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Insurance:

Rangel Pushed for a Donation; Insurer Pushed for a Tax Cut
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Retailing:

US Retailers to Report Grim Results
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Bankruptcy looms for many retail stores
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Bill Blass Bankruptcy Sheds Spotlight On The Soft Upper End
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Teen designer Kira Plastinina's US store chain files for bankruptcy
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Desperate Retailers Try Frantic Discounts and Giveaways
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Christian Bernard Files for Bankruptcy
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Food/Drink:

NYC's famed Rainbow Room to close restaurant, citing economy
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Pilgrim's Pride troubles bring worry to East Texas town
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Eateries suffer serious losses
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Layoffs:

A Recession May Be a Time to Go Back to School
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2008 Job Losses Probably Worst Since 1945
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Unemployed and untrained - Programs to help out-of-work Americans prepare for new jobs are woefully inadequate
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Unemployment ‘scary stuff’ to foreign workers
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The Myth Of Recession-Proof Jobs
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Social networking sites evolve into powerful job-hunting tools
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Resorts:

Historic Greenbrier Under Cloud
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Aviation:

How Deep Will Delta Cut at its Cincinnati Hub?
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Pared down airlines plot course back to profitability
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Some Airlines Fight Proposals on Crew Rest
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Recording Industry:

Suge Knight Has Buyers Scared To Purchase Death Row
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Suge Knight -- What's Yours Is Mine
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Enron:

Enron debacle didn't teach us a thing
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Finance:

Libor for Dollars May Stay Near Low as Central Banks Offer Cash
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Credit squeeze hits larger companies hardest
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The Fed's Actions to Ease Lending
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Prognostication:

Ten Business Predictions for 2009
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Newspapers:

Former newspaper rivals cooperate as jobs are cut
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Publishing:

Prominent Magazines Lose Weight, Shedding Nearly Half Their Ads
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Puttin’ Off the Ritz: The New Austerity in Publishing
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Blockbuster or Bust
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Personal Finance:

Frugality is cool
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Economy:

U.S. manufacturing index hits lowest point in 28 years
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Paulson blames global imbalances for credit crisis
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Fed Officials Endorse ‘Big Stimulus’ to Battle US Recession
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Treasuries to Post 1st Loss in 10 Years, Dealers Say
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How to Repair a Broken Financial World
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Wielding the bailout as a weapon
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Hoyer Says Stimulus Bill Is Unlikely by Inauguration
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600,000 new government employees?
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Dem Govs Want $1T
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Obama Eyes $310 Billion Tax Cut
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Obama Says Unemployment May Exceed 10% Without Rapid Steps on Economy
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Treasury to mull more Citi-style rescues
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Chicago Fed Chief Cites Weakness in Regulatory System
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Banks’ ‘Catatonic Fear’ Means Consumers Don’t Get TARP Relief
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Some Forecasters See a Fast Economic Recovery
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Bailout: Big-Game Sponsors Scored Billions
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Shaking Up the Boardroom at World Government Inc.
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Fed has abandoned monetary policy, critic says
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Obama Considers Major Expansion in Aid to Jobless
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Deflation: It's Starting to Get Silly
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Real Estate:

Office Demand Is Down, and So Are the Deals
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As Vacant Office Space Grows, So Does Lenders’ Crisis
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Hispanics Face Wave Of Foreclosures
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An Erratic Year for Mortgage Rates
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The Come-Hither Lobby
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Small House, Big Loan
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Who Saw The Housing Bubble Coming?
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Calls Grow to Cap Property Taxes
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Mediators foresee gloom, doom in condo industry
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CalPERS took huge gamble at the worst time
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Anti-deficiency laws tied to high defaults
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Home Loan Consultants Added To Ailing/Watch List
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Bankruptcy Reform:

'Cramdowns' on tap in 2009?
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Housing contracts should not be adjusted because the buyer can’t pay
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Autos:

Auto Industry Still Coming to Grips With the Damage of 2008
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Chrysler Received A $4 Billion Government Loan
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GM concession talks begin
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GMAC gives up some car financing in bailout deal
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Does Washington's GMAC bailout hurt Ford?
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Auto Dealers Struggle For Their Survival
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Glint of hope for auto industry?
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Four Ways for Detroit to Save Itself
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Auto Industry Still Coming to Grips With the Damage of 2008
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Bailout puts retiree health care at risk
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Bailout may not save smaller companies tied to Big Three
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Citigroup Says Use Options to Bet on Renault Decline
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Toyota's Test
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German auto villages feel force of downturn
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Japan auto sales fall to 34-year low in 2008
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Fraud:

Madoff Chasers Dug for Years, to No Avail
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How much did Madoff scheme cost?
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Just how big is a $50 billion fraud?
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A Victim's Tale
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Madoff Investor Files Complaint
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Madoff Trustee Seeks Wide Power to Subpoena
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Madoff Took Funds Near Arrest
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Why We Keep Falling for Financial Scams
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SEC Must ‘Defend Its Existence’ After Madoff Lapses
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US regulators probed Madoff eight times over 16 years
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Madoff Investor's Suicide Was an 'Act of Honor'
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Some Madoff clients lower loss estimates
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How to Avoid Getting Burned by the Next Bernard Madoff
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Milberg rides Madoff
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Madoff Employees Still Being Paid Despite Nothing To Do
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Former Madoff Employees Selling Memorabilia on eBay
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Levitt says Madoff should be reform "prod"
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Wall Street titans raised alarm over Madoff strategy
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Alan Fabian lists $52M in debts in bankruptcy filing
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Hearing Postponed Into Alleged $23 Million Ponzi Scam
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The Ponzi Scheme in Every Hedge Fund
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Sovereign Debt:

Ecuador Leader Says May Honor Global 2015 Bonds
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Greeting Cards:

Recycled Paper Greetings files Chapter 11
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American Greetings acquisition runs into resistance
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Radio:

Worldspace ‘potential bidders’ lining up
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Accounting:

The Importance of Accounting (SEC Does Something Useful!)
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Railroads:

Colorado Railcar goes out of business
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Tax:

H&R Block to Pay $4.85 Million Settlement Over Loan Program
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Telecoms:

HawTel pension short of cash
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Municipalities:

City unions win support in opposing Vallejo bankruptcy
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M&A:

Big S&P Rally Means Low Probability of IPO Rebound Before 2011
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Bankruptcy Crimes:

Pennsylvania debtors receive 15 day prison sentence for failing to disclose family business
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Chapter 7, 12 & 13 Private Trustee Locator
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Recent Ch. 11 Filings
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Bankruptcy Jobs:

(1)- (2)- (3)- (4)- (5)- (6)- (7)- (8)- (9)- (10)
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Credit Cards:

Credit Card Companies Willing to Deal Over Debt
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Executive Compensation:

Should Congress Put a Cap on Executive Pay?
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Distressed Management:

Recruiting Talent to Ailing Firms
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Bankruptcy Statistics:

Business bankruptcies rise 84% in 2008
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Vt. bankruptcies spike in 2008
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Bankruptcy filings up 122%: The jump in filings is only the beginning, experts say
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Politics:

Is Big Business Scared of Obama?
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Richardson Withdraws as Obama Commerce Secretary Pick
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Health Care:

It’s Johnson Memorial vs. Aetna in dispute over rates
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Pharmed founders face sentencing hearing today on fraud, tax evasion
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Software:

Software firm UIQ files for bankruptcy
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Museums:

Museum, bankruptcy estate agree to a deal
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Credit Counseling:

Debt counselors: the good and the not so
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When debt settlement makes sense
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Chemicals:

Lyondell bonds at rock bottom on bankruptcy fears
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Oil/Gas:

Falling Gas Prices Require 50% Gas Tax
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Oil Rises Above $47 on Middle East Tension
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Oregon considers subbing mileage tax for gas tax
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Rigs to be idled
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Movies:

Movie Ticket Sales Slip 4% For Year
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Television:

Cable TV provider files for bankruptcy
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Celebs:

Vick lawyers expected to file new financial data
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Predatory Lending:

Fix payday lending by fixing all lending
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Sovereign Debt:

U.S. Debt Set to Jump $2 trillion This Year Due To Spending
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UK:

Prepacks - A sharp eye is needed at the exit door
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"Bring it on you great big quivering gelatinous invertebrate jelly of indecision"
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British PM Brown pledges to create 100,000 jobs
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U.K. Market Regulator Toughens Approach
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FSA to look at profit warnings
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King May Abandon Bank-Aid Reticence as Slump Worsens
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U.K. Property Prices Signal Dismal '09
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New Year shopping sales could last well into March
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Four Seasons merger is rejected
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M&S worst hit as UK stores feel the pinch
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CFO anger at banks' refusal to loosen credit
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UK Construction Shrinks at Fastest Pace Since 1997
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Waterford crystal maker in bankruptcy
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Joyless Tidings for UK Retail
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EU:

European Bonds Drop as Stock Gains Sap Demand for Safest Assets
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Ireland:

The Irish Economy’s Rise Was Steep, and the Fall Was Fast
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Ukraine:

Gas Dispute Has Effects Past Russia and Ukraine
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Russia raises Ukraine gas price to $450/TCM
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Fallout From Gas Dispute Spreads in Europe
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Ukraine: Serious Gas Shortages Possible
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Ukraine Seeks EU Involvement in Resolving Russian Gas Dispute
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Behind the Russia-Ukraine Gas Conflict
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Japan:

Japan's jobless fill tent village in Tokyo park
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China:

Chinese Manufacturing Numbers Reinforce Pessimist’s Outlook
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Australia:

West catching up to east as personal bankruptcies rise
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Germany:

Fatal flaw weakens German rescue package
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German Social Democrats Plan $56 Billion Stimulus
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Middle East:

Kuwait's Central Bank: new laws needed for crisis
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Canada:

Bankruptcies rise as economy slows
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Italy:

Italian Pensions Sapped by Private Funds Bush Backed
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Banks reportedly may face action of Italian bonds
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Mexico:

Mexico Kidnappings Stoke Fears in the U.S.
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